50 mistakes landlords & property managers make top 50 mistakes... · narpm member & realtor...
TRANSCRIPT
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50 Mistakes
Landlords &
Property Managers
Make
Presented By:
Patti RobertsonNARPM Member & Realtor
PMI Virginia Principal Broker
eXp Realty Associate Broker
Hampton Roads Landlord Assoc Founder & Organizer
Rent Ready Norfolk Advisory Board Member & Educator
Property Management Inc. Franchisee & Regional Mentor
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Laws & Brokerage
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Laws & Brokerage
1.Not learning & staying current on your state landlord tenant laws.
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Laws & Brokerage
2. Not learning & staying current on fair housing laws.
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Laws & Brokerage
3. Not joining industry associations.
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Laws & Brokerage
4. Selecting a brokerage who is not familiar with property management.
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Laws & Brokerage
5. Waiting until you have a problem to develop a relationship with a landlord tenant attorney.
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The Properties
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The Properties
6.Not leaving your card with a neighbor.
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The Properties
7. Installing laminate wood flooring.
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The Properties
8. Not using washable paint.
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The Properties
9. Under or over rehabbing.
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The Properties
10. Not using a landlord lock system.
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The Properties
11. Not setting the expectation up front that money should be set aside for repairs.
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The Properties
12. Not knowing your local inspection requirements.
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Your Lease
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Your Lease
13. Expiring leases in your dead of winter months.
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Your Lease
14. Not staggering lease expiration dates.
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Your Lease
15. Thinking leases have to be 12 months.
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Your Lease
16. Allowing a prorated rent amount to be used for a mid-month move-in.
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Your Lease
17. Identifying the Property Manager or Firm as the Lessor instead of the Owner.
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Your Lease
18. Not making the tenant responsible for
• Pest Control• Broken Glass• Cost of lost keys• Any damage caused
by the tenant.
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Your Lease
19. Allowing a grace period for rent due date.
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Your Lease
20. Not having every tenant identify if they ARE or ARE NOT in the military.
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Your Lease
21.Not including a military waiver for assignment of guardian in litem.
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Managing Tenant Relationship
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Managing Tenant Relationship
22. Picking up rent at the property.
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Managing Tenant Relationship
23. Not doing periodic inspections• Open the cabinets –
pet food?• Count toothbrushes• Do the shoes match the
occupants?
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Managing Tenant Relationship
24.Not issuing a 5-day letter on the day after rent was due.
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Managing Tenant Relationship
25. Not using an attorney to obtain judgment if you plan to use one for collections.
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Managing the Tenant Relationship
26.Not having a system to document conversations.
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Managing the Tenant Relationship
27. Not having a system to document tenant charges and payments.
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Managing the Tenant Relationship
28. Not meeting the state required timeline for deposit dispensation.
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Managing the Tenant Relationship
29.Not including Received with Reservation verbiage on your 5 Day Letters.
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Managing the Tenant Relationship
30. Not using a 21 Day Notice to Cure Lease Violation letter for non-financial violations.
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Maintenance
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Maintenance
31.Not documenting move-in condition or noting NO VISIBLE EVIDENCE OF MOLD and BED BUGS on the move-in condition report.
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Maintenance
32. Treating the move-in condition report like a work order.
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Maintenance
33. Not being thankful when a tenant submits a work order.
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Maintenance
34. Not responding to maintenance requests in a timely manner.
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Maintenance
35. Not telling vendors specifically to discuss repairs with you, not the tenant.
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Maintenance
36. Not knowing state law regarding mold, bed bugs, and maintenance.
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Advertising Properties
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Advertising Properties
37. Not checking your data and photos before you publish the ad.
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Advertising Properties
38. Waiting until the current occupant moves out before starting your advertising.
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Advertising Properties
39. Putting a sign in the yard of a high crime neighborhood.
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Advertising Properties
40. Not including your rental criteria in your ads.
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Advertising Properties
41. Not using a syndication tool.
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Advertising Properties
42. Not “claiming” your properties on sites such as Zillow.
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Advertising Properties
43. Stopping marketing before you have a full deposit and signed lease.
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Tenant Screening
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Tenant Screening
44. Not getting a complete application from every adult occupant.
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Tenant Screening
45. Not screening every adult.
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Tenant Screening
46. Not rejecting an applicant once you found they lied on their application.
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Tenant Screening
47.Having criteria or asking questions that violate the law.
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Tenant Screening
48. Relying solely on automated screening tools.
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Tenant Screening
49. Not verifying employer and employment.
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Tenant Screening
50. Taking an out of state co-signer.
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Low Income Housing
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Bonus - Low Income Properties
51. Not keeping attached units on a bug contract.
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Bonus - Low Income Properties
52. Installing screen doors.
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Bonus - Low Income Properties
53. Not having easy rent payment options for people without cars.
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Bonus - Low Income Properties
54.Being afraid of SEC 8.
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Bonus - Low Income Properties
55. Thinking you should not take low income tenants to court.
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Bonus - Low Income Properties
56. Not learning what assistance is available to avoid homelessness.
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50 Mistakes
Property Managers
Make
Presented By:
Patti RobertsonNARPM Member & Realtor
PMI Virginia Principal Broker
eXp Realty Associate Broker
Hampton Roads Landlord Assoc Founder &
Organizer
Rent Ready Norfolk Advisory Board Member &
Educator
Property Management Inc. Franchisee &
Regional Mentor